刚果金钴出口禁令延期，钴价有望加速上行

Group 1 - The report highlights the extension of the cobalt export ban in the Democratic Republic of Congo for an additional three months, which is expected to lead to a significant increase in cobalt prices due to supply constraints [5][6][16] - The investment strategy recommends focusing on strategic minor metals such as rare earths and antimony, which are expected to see a revaluation in value due to tight supply conditions [5][6] - Rare earth prices are at a cyclical low, and with import controls on ores, the supply structure is becoming more concentrated, leading to an anticipated upward shift in price levels [5][6] Group 2 - In the lithium market, the report notes a decline in prices, with battery-grade lithium carbonate priced at 60,000 yuan/ton, down 1.07% from the previous period [5][13][44] - The report indicates that the production of new energy vehicles in China saw a significant year-on-year increase, with May production and sales reaching 1.27 million and 1.307 million units, respectively, marking growth of 35% and 36.9% [20][21][27] - The photovoltaic sector also experienced growth, with a total of 104.93 GW of new installations in the first four months of 2025, representing a 75% year-on-year increase [18][19] Group 3 - The report discusses the performance of various metals, noting that the price of MB cobalt (standard grade) decreased by 0.32% to $15.63 per pound, while the price of MB cobalt (alloy grade) fell by 0.39% to $19.10 per pound [16][5] - Antimony prices remained stable, with domestic antimony ingot prices holding at 189,500 yuan/ton [5][6][16] - The report also highlights the ongoing price fluctuations in tin, with SHFE tin prices down 1.19% to 260,600 yuan/ton, amid uncertainties in Myanmar's mining operations [5][6][11]